Ann: Gulf Secures Additional Funding to Progress the Smelting Hub-GMC.AX, page-109

I would like to think that the investors that are now in place will hold onto their shares & it will hover around 1.6-1.8 until further news is communicated. Anyone who has invested at this stage is surely here to stay for the long haul.
As you mentioned, this has been a number of years in the making. GMC's learned from its past mistakes & are so confident this time around, they bought 2 smelters.
I don't think waiting until end of Oct/start of Nov is too much to wait. Good things come to those who wait!